Transparency Market Research has published a new report "Instrumented Bearing Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014-2020" to its report store.
Albany, NY -- (SBWIRE) -- 07/14/2015 -- According to a new market report published by Transparency Market Research "Instrumented Bearing Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020," global instrumented bearing market was valued at USD 523.3 million in 2013, growing at a CAGR of 8.6% from 2014 to 2020 to account for USD 938.4 million in 2020.
The instrumented bearing market is primarily driven by increase in automobile production globally. Instrumented bearings are used in various automotive systems such as antilock braking systems (ABS) and electronic stability control (ESC) among others. In addition, the growing demand of instrumented bearings from defense and aerospace industry is also influencing the growth of this market. Need for energy efficiency while operating various types of machinery is also contributing to the growth in demand for instrumented bearings globally.
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In terms of type, instrumented ball bearing segment held the highest market revenue share accounting to USD 297.1 million in 2014 and is expected to remain so throughout the forecast period. Demand for instrumented ball bearings is attributed to growing application of Instrumented ball bearings in various components such as motor engines, automotive wheels, railway coaches, hard drives and consumer electronics among others. Instrumented ball bearing segment is followed by instrumented roller bearing and instrumented plain bearing. Instrumented roller bearings segment includes sensor integrated tapered roller bearings, thrust roller bearings, cylindrical roller bearings and needle roller bearings. The instrumented roller bearing segment accounted for 34.3% of the overall instrumented bearing market in 2014.
Automotive segment of instrumented bearing market held the highest revenue share accounting for 44.5% of the overall market in 2014 in terms of end-use. The increase in production of motor vehicles is heavily influencing the growing demand for automotive-instrumented bearings globally. Aerospace equipment is analyzed to be the fastest growing application segment in instrumented bearing market and is expected to attain a significant growth in the recent future. The aerospace equipment segment is expected to grow with a CAGR of 9.4% over the forecast period from 2014 to 2020.
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Geographically, Asia Pacific led the instrumented bearing market in 2014 and the region is expected to continue its dominance in 2020. The growing demand for instrumented bearings in countries such as China, Japan, India, South Korea, Taiwan, Singapore, and Malaysia is primarily driving the Asia Pacific market. Increasing automobile production in the region is the main factor driving the Asia Pacific instrumented bearing market. In addition, growing industrialization and infrastructure development in the region is also contributing to the growth of instrumented bearing market. North America and Europe followed Asia Pacific in the global instrumented bearing market to collectively account for more than 40% of the global market revenue share.
The report provides company market share analysis of the various industry participants. Key players by region included in this report are SKF Group, Schaeffler Group, The Timken Company, NTN Corporation, JTEKT Corporation, NSK Ltd.
Instrumented Bearing Market: By geography
Rest of the World
Instrumented Bearing Market: By type
Instrumented Bearing Market: By end-use
Power transmission equipment
Farm and garden machinery
The report provides a cross-sectional analysis of all the above segments with respect to the following regions:
Rest of the World (RoW)
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